AIXA

Key Metrics

Supply Chain Position

MOCVD monopoly (70-90% share). Photonics orders doubling YoY. 85% GaN market share — second catalyst from 800V DC power (Rubin Ultra 2027).

Why Included

Thesis is right but stock has run +183% from 52-week low. Virtually debt-free (D/E 0.005). €181M FCF. Smaller position to manage entry risk. Scale in on pullbacks.

Customers: No single customer >15%. Broadly diversified customer base.

Red Flags

• •Stock has run +183% from 52-week low — significant entry risk at current levels
• •+19% above analyst consensus target — market is pricing in optimistic scenario
• •Revenue declining -12.1% — photonics orders need to convert to revenue
• •53x forward P/E is the most expensive in the portfolio — leaves no room for error